What is Dogecoin (DOGE)?
Dogecoin (DOGE) has been developed as a humorous alternative to traditional cryptocurrencies such as Bitcoin at the beginning of 2013. The name as well as the Shiba Inu logo are based on a popular meme. In contrast to Bitcoin which was created as a scarce coin, Dogecoin has been designed to be deliberately abundant, with a new 10,000 coins being created every minute and there is no limit on the supply.
In the early years of its existence in the past, DOGE (pronounced “dohj coin”) was regarded as a humorous “memecoin” beloved by its community however, it was of little worth. The situation changed in 2021 as DOGE was deemed to be one of the largest cryptocurrencies in terms of market capitalization and had a total worth that surpassed $80 billion in 2021. This is despite the fact that every individual coin has a value of just pennies.
Brief History of Dogecoin (DOGE)
Despite gaining popularity in 2021 Dogecoin ranks among the oldest cryptocurrency that has made it to the market. Dogecoin was initially created as an amusing joke in 2013 in order to increase public consciousness of the benefits of blockchain technology. DOGE is one of the biggest cryptocurrency projects in terms of total market capitalization, with a market capitalization of $19 billion. It ranks Dogecoin among the 25 top most valuable cryptocurrencies and is ahead of projects such as Polygon, Uniswap, and FTX token.
How To Buy Dogecoin In 5 Steps
1. Consider How Much Should You Invest in Dogecoin?
There are many reports of people who have invested tiny amounts in Dogecoin and have become millionaires, it is best to be cautious when investing in DOGE. Cryptocurrencies can be very dangerous investments, and Dogecoin is especially volatile due to the fact that it has an endless supply. In deciding on how much you should put into cryptocurrencies, take into account your financial situation overall as well as your investment portfolio and your risk tolerance. \
2. Pick a crypto exchange or broker
A crypto exchange, as well as a crypto broker, are able to assist you in purchasing DOGE, however, the two differ in a few ways. A platform that allows buyers and sellers to exchange cryptocurrencies. Some crypto exchange platforms specialize in crypto. If you’re just starting out in investing and require the fiat currency (for instance sterling from the UK) to purchase crypto, ensure you select an exchange that is able to accept the currency.
Note: Kucoin is the best crypto exchange platform that allows you to buy or sell and store an array of cryptocurrencies. Kucoin has earned a good reputation as user-friendly (great for those who are new to the game) reliable, and safe. Users can also earn money by lending or staking their cryptocurrency.
3. Select a Payment Option
Before you are able to begin trading cryptocurrency, you must make a deposit into your brokerage or exchange account. In the majority of cases, exchanges allow you to transfer money from a checking or savings bank account. They will accept wire transfers as well as PayPal transfers. Typically, you’ll get immediate access to a part of the funds in your account to trade.
4. Place Your Order for Dogecoin
After your funds are in your bank account you are able to buy Dogecoin. On the exchange’s purchase or trading platform Search for Dogecoin, or use the ticker symbol for its ticker DOGE. Select the type of trade you want to use and then enter the amount in dollars you wish to invest or the many Dogecoins you’d like to purchase. After you’ve placed your order, it will take place in a matter of minutes. Like many other cryptocurrencies, Dogecoin doesn’t have a limit on trading hours. Although the price of cryptocurrency fluctuates you should be able to pay at or near the price of market prices — and you might want to keep track of the Dogecoin price over time, and find out what it’s doing to make sure you’re not paying too much for your currency.
5. Choose secure storage options
A broker may not offer the option of where you store your DOGE however, while an exchange may not have an integral crypto wallet you can store your Dogecoin in other wallets regardless of whether they’re hot or cold. Hot wallets can be stored online, which makes them more convenient, but more vulnerable to hackers. Cold wallets are storage devices like solid-state drives or hard drives. They are arguably more secure, but in the event that you were to lose access to your access code, it could be impossible to gain access to your funds. No matter which option you pick for your Dogecoin, you may be charged a fee to transfer the DOGE into an outside wallet.